First time I saw the iPad 2, I preferred the White one. It just pops more and looks cooler. Also it looks more exciting than the black one, probably because the black model has been around for a while. Black looks dull. No doubt black is more professions though so if u intend to get it for business use, I'd recommend the black one.
Function wise, as a White iPad owner, I have had no issues with the White frame being distracting whatsoever. It looks fabulously and your eyes are focused in the centre screen 99% of the time. Also, the White arguably is better for light background apps, such as reading PDFs, ebooks, websites etc. The White frame blends in extremely well and it feels that the screen is larger than it is. Exactly the same applies for black background apps with the black model. So movies and games look 'better', or just feels more 'natural'.
I have had a hard time deciding which colour to get too, so hopefully this post can help some troubled minds out there.